Small Business Corporation (SB Corp) an attached agency of the Department of Trade and Industry (DTI) has launched the administration’s microfinance facility for micro and small enterprises in Mindoro.
Led by DTI Secretary Ramon Lopez and Sb Corp President Brillo N. Reynes , the government brought the “Pondo sa Pagbabago at Pag-asenso” or P3 in San Jose, Occidental Mindoro.
Sb Corp awaded loan proceeds to 57 market vendors and has approved 15 microfinance institutions (MFIs) to roll out the program in the province. SB Corp has signed a Memorandum of Agreement with five national MFIs to facilitate the nationwide implementation of P3. These MFIs include Radiowealth Finance company, Inc., Center for Agriculture and Rural Development Inc., Tulay sa Pag-Unlad, Inc., Cebuana Lhuillier Finance Corp., and Taytay sa Kauswagan, Inc.
In line with the goal of the Duterte administration to achieve prosperity for all, P3 targets to roll out Php 1 billion funding this year for micro and small businesses.
The program aims to provide affordable loan program for micro, small, and medium enterprises for them to avoid loan shark such as 5-6 money lending scheme.